- What is Uber money?
Did you know that a few days back, Uber dropped its Uber Works in the market for shift-workers, and, in the same month, declared the release of its own digital money?
On Monday, at a fintech conference, Uber stated that it is releasing its financial product line called “Uber money”.
Usually, this long-awaited initiative is announced to help the Uber drivers to manage and access their funds in real-time.
Thus, this Uber payment service will help drivers get their hard-earned money via the Uber debit account rather than waiting a week for their return, which is what happened until now.
This initiative involves:
- Uber wallet
- Debit card
- Credit card
Basically, Uber’s money digital wallet will help drivers with a no-fee $100 overdraft protection. So, they can use it when in money-strapped circumstances.
According to Peter Hazlehurst, the head of Uber money, “Uber money is for drivers in the U.S. currently and is slowly increasing to more nations in the coming future. We’re also upgrading the no-monthly fee Uber debit account, powered by Green Dot to incorporate seamlessly into the Uber driver application.”
A detailed look at the financial services thus offered
With this, the Uber drivers and couriers will get instant access to their income after each trip. This way, they don’t have to wait for weeks before they get paid.
Debit card with Uber account
Collaborating with Green Dot, Uber has now incorporated its Uber debit account in the Uber driver. Furthermore, the organization is also providing cash-back on gas purchases from 3% – 6% for its top-class drivers.
Uber has a very highly-versatile application wallet. Yet, with the most recent update, the Uber wallet helps earners control and move their funds in one place. Likewise, this function has been initiated for drivers in the United States. It will also roll out in driver applications across the world.
Moreover, the relaunched Uber credit customers will get 5% back in Uber cash from investing across the Uber platforms. For example, JUMP bikes, Uber rides, UberEats, and scooters.
Generally, individuals are in doubt about the fate of Uber money. Yet, Peter Hazlehurst (Head of Uber Money) seems confident as per this LinkedIn interaction.
Also, the primary goal of Uber is to immerse the market alongside its services. The speciality of Uber is also that it works to alleviate all your problems at once, under the same company banner. For example, UberEats, Uber, and Uber money.
By virtue of this move, Uber has tried to make sure that it does not take unfair advantage of its drivers and gives them what is owed to them.
Uber money is a headless banking solution by the multi-faceted organization. Hence, the slogan “headless banking service” implies an app that doesn’t have an interface. Yet, it’s embedded in a host app like UberEats and Uber.
But, Uber money has an effective way to profit. Also, it provides lower fees and interest charges on loans to drivers who make lots of trips. So, this way will help increase the whole trip volume and inspire all the drivers to perform better. The info about drivers’ cash flow and earnings will help shrewd lending decisions.
If you have any other questions about the policy change that Uber underwent in the last month, please feel free to address them in the comments below. We will be happy to help you out.